EU-Iran trade hits record $20 billion in 2003

London, April 23, IRNA - Trade between Iran and the European Union
reached a record Euro 16.7 billion ($20 bn) last year, according
to figures obtained exclusively by IRNA from Eurostat.

EU exports to Iran rose to Euro 9.8 bn from Euro 8 bn in 2002,
while imports from the Islamic Republic grew by 23 per cent to Euro
6.9 bn. The increase in Iranian exports was due to a rise of Euro 1.3
bn in oil sales.

Iran's total trade with the world's largest trading group has more
than doubled since 1998, during which time the EU has reversed the
previous surplus in Iran's favor.

The latest figures show a consolidation in Iran's position as the
EU's third largest trading partner in the Middle East, closing the
gap behind Saudi Arabia and Israel.

The increase in exports to Iran was led by Germany, whose sales
grew from Euro 2.2 bn to Euro 2.7 bn last year. French exports rose
by Euro 500 million to Euro 2.1 bn and sales from Italy increased
from Euro 1.8 bn to Euro 2 bn.

The three main trading partners totaled nearly 70 per cent of
the EU exports to Iran, increasing their lead over the UK, whose sales
grew by a modest Euro 50 m to Euro 685 m.

For the second successive year, one of the best performances was
by Sweden, whose exports to Iran have more than doubled to Euro 564 m
since 2001, overtaking Belgium, Spain, the Netherlands and Austria in
the process.

During 2003, Sweden also recorded a 60 per cent increase in
purchasing Euro 590 m worth of goods, virtually all oil, from Iran.
There was also a rise from Euro 487 m to Euro 861 m in Iranian exports
to Greece, again virtually all oil.

The increase in Iranian oil exports conceals a decline in non-oil
sales from Euro 899 m in 2002 to Euro 846 m last year, mainly due to
slight falls in the biggest markets of Germany to Euro 267 m and
Italy to 187 m.

The only noticeable rise in Iran's non-oil exports during 2003
was to Spain up from Euro 151 m to Euro 168 m, while non-oil sales to
such countries as Greece, Denmark, Portugal, Luxembourg, Sweden,
Finland, Ireland and Austria are under Euro 11 m each.